US crude oil inventories tumble much more than expected

Crude oil inventories in the US fell by much more than expected in the week ended November 29th, the Energy Information Administration revealed in a report released on Wednesday, Report informs via RTT News.

The EIA said crude oil inventories tumbled by 5.1 million barrels last week after falling by 1.8 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.0 million barrels.

At 423.4 million barrels, US crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.